Singer Pink is part of the EMI Publishing stable, which is set to be acquired by the Sony-led consortium for £1.4bn. Photograph: Justin Lloyd/Newspix/Rex Features

The European competition regulator is set to give a Sony-led consortium the green light in its bid to buy EMI Music's publishing assets for $2.2bn (£1.4bn).

The consortium, which is led by Sony Music's Sony/ATV, will not face an in-depth probe from the European Commission after agreeing to sell off certain assets.

To gain approval Sony agreed to sell several music catalogues – including Virgin Records in the US and in Europe and Famous Music in the UK, representing songwriters including Ozzy Osbourne, Culture Club and Tears for Fears – according to the Financial Times.

The deal is still awaiting regulatory decisions in the US, Australia and Brazil. However, clearance in Europe is considered to be the most critical step in gaining global approval for the deal.

The deal to acquire EMI Publishing, with rights to artists such as Pink and Pharrell Williams, will give Sony a share of between 25% and 30% of the global music publishing market.

EU clearance will dismay rivals, such as Warner Music and small independent music labels, which vehemently oppose the deal and had hoped Sony might face the same in-depth probe as Universal Music.

In March, the European Commission made the widely-expected decision to launch a phase two review of Universal Music's £1.2bn bid to buy EMI's recorded music division, home to the Beatles, Coldplay and Katy Perry.

However unlike the Universal deal Sony/ATV, a music publishing joint venture with the estate of Michael Jackson, is one part of a consortium that includes Mubadala Development Company, Blackstone Group, UBS, GSO Capital Partners and music executive David Geffen.

Sony will have a stake of about 38% in the venture.

The company will put about $325m of equity into a new venture to be launched by Geffen, an investor in DreamWorks and founder of Geffen Records, according to the FT.

BMG Rights Management, the joint venture between Bertelsmann and private equity group KKR, is considered to be a lead contender to pick up some of the publishing assets that Sony/ATV offloads.

BMG, which tabled a $2bn rival offer, was long considered the front runner because it posed no regulatory risk, is desperate to build its operation into a global music publishing business.

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